Litecoin price analysis: LTC/USD on fire, jumps 4%; the cryptocurrency market back in the green
|- Litecoin price bounces off $78.00 support, currently seeking consolidation above $82.00.
- The market is green again, the buyers take a breather from last week’s selling pressure.
Litecoin price had been locked below the critical resistance at $80.00 for over one week now. Although there was a bullish trend towards the end of last week, the momentum was not strong enough to overcome the selling pressure at $80.00. The trading on Monday 16 opened slightly above $79.00 but corrected lower during the Asian trading hours. The support at $78.00 stood its ground even as the LTC/USD welcomed the bullish that has broken the key resistance.
The crypto is testing another short-term resistance at $83.00 while seeking support above $82.00. The trend is still bullish at the time of writing. Consequently, Litecoin price could consolidate in a short-term bullish flag pattern. The next resistance target is at $85.00 before attacking $90.00, although trading above $100 is still out of reach for now.
Litecoin price has also formed a subtle double-top pattern on the 30-minutes chart. Therefore, slight downward corrections are expected in the short-term. However, $82.00 will act as an immediate support. In addition, the 61.8$ Fib retracement level with the previous swing high of $85.11 and a swing low of $74.5 will also hold ground against declines close to $81.00. The sellers are pushing for an entry; the Relative Strength Index (RSI) is pointing downwards.
Market overview
The entire cryptocurrency market is generally Bullish as well. Bitcoin has broken the resistance at $6,400 but has also lost momentum short of $6,600. However, it is likely to consolidate above $6,500. Ethereum is up over 5% on the day while it is trading above $470 at the time of press. Ripple price, on the other hand, has made it above the key resistance level at $0.45. The rest of the top cryptocurrencies are making higher corrections too. The market is busking in relief from the bear pressure, particularly during last week’s trading.
LTC/USD 30-minutes chart
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